Herman Miller to Buy Design Within Reach
ZEELAND, Mich.--Herman Miller today announced that it has entered into an agreement to acquire Design Within Reach.
The transaction is subject to regulatory approval and is scheduled to close July 28.
Herman Miller said it will acquire an ownership interest in DWR equal to approximately 84 percent for an estimated $154 million in cash.
DWR's CEO John Edelman and President John McPhee will together continue to lead the chain and report to Herman Miller CEO Brian Walker.
DWR had revenues of approximately $218 million in 2013.
"The addition of DWR is a transformational step forward in realizing our strategy for diversified growth and establishing Herman Miller as a premier lifestyle brand, helping people create inspiring places where they work, live, heal and learn," Walker said. "This combination expands our reach in the higher margin consumer sector and we have identified multiple points of strategic leverage that will benefit our other segments and operations, as well as DWR's own growth plans."
In a shared statement Edelman and McPhee said, "We are thrilled to be joining the Herman Miller family. We've worked closely with the company and its leadership for many years and have great respect for their approach to business and people."